Branching out

[johnrocks]

I know a few agents here do a handsome amount of senior sales in the med supp,med adv. and final expense mkts. I also know a few that sell a few LTC's and annuities. MY question is simple: Since I sell primarily to people who are 65 and up long term care is almost to the point of being cost prohibitive and annuities such as equity indexed seem to be in anyone other than a senior's best interest, maybe a spia or something more short term might be a good fit; is anyone doing all of the above and if so how?

Maybe by going to a younger target audience would be my answer. Any advice would be appreciated.

 

[arnguy]

IMHO the SPIA is normally the best fit for senior citizens. It provides a steady monthly income that will augment the Social Security. It is true that the SPIA does not take into account inflation, but I believe that New York Life or one of the other big insurers is working on come kind of SPIA that adjusts for inflation.

 

[johnrocks]

do you sell senior and do you think maybe I should either lower my age criteria or stick to 65+ Thanks for your insight arnguy.

 

[senior-advisor-indiana]

Ey John, I sell annuities to seniors. If they are earning less than 5% in thier current account. Most seniors don't care about the long surrender periods. Be up front about them. They dont wanna put money in there that they plan on using in the next years.

Tell me this. What's the difference.? A 5 year CD with NO liquidity or a 10 yr Annuity with 10% they can get every year. They are gonna renew that 5 yr cd when it is up to buy another 5 yr CD.

They arent gonna lose any money GAURANTEED. You can get 10% out per year if you need to. If you go into the nursing home they waive surrender also. SO why not put them in an annuity? They make my clients more money and pass more to thier hiers. Now i Wouldn't put a senior in one that say , only had 15k in their savings account.

The fact is, agents and consumers only hear negative things about annuities because the agents selling them were misrepresenting. Now alot of people lost money in Variable Annuities and i can switch them to an indexed annuity in a heart beat.

 

[johnrocks]

appreciate the info did you get the downloads i sent you for some reason i am having puter problem

 

[senior-advisor-indiana]

yes, thank you

 

[arnguy]

Johnrocks, I used to sell annuities a few years ago, but am now concentrating on health. I found that the market for annuities appears to start aroud 55+. I have sold some younger. In the 65+ bracket I found SPIA an easier sale. This was before EIA became popular.

 

[johnrocks]

thanks arnguy. I have a tendency to feel the same way as you.

 

[arnguy]

BTW, johnrocks, I used to sell Flexible Premium Annuities for LifeUSA (now Allianz), but the trail commissions ended after 5 years. Also, did TSA's in the Philadelphia School District, but got tired of climbing four floors to the teacher's lunchroom because the elevators were broken (as was most of the rest of the school building). Had to go through metal detectors and check in with the school police----not a pleasant working condition. Beside that most of the teachers were a pain in the ass. We were not allowed to approach them. We just had to sit at a table with our brochures on display. SPDA's were O.K. Nice commissions, but no renewals.

IMHO health insurance is a lot better because the renewals are just like an annuity.

 

[johnrocks]

that's how i feel lol